LOS ANGELES, May 14, 2019 (GLOBE NEWSWIRE) -- PINEAPPLE EXPRESS, INC. (OTC Grey: PNPL) (the “Company” or “Pineapple Express”), a publicly traded company that offers consulting, technology, investments, IP licensing, turn-key property rentals and branding concepts to businesses in the legal cannabis industry, today announced an update from its CEO, Shawn Credle.
Dear Pineapple Express Stakeholders:
There are many reasons to invest in a company. Some look for returns – for companies built on solid foundations and with healthy prospects. Others look for companies that embrace responsibility and compliance. But they all look for companies that are valuable, that create value, and stand for values. This is the type of company we are aspiring to be.
Over the last decade, our company’s affiliates and principals, were remarkably successful in obtaining over 100 cannabis business licenses across 8 states in which clients were helped to form their entities, find suitable locations, apply for permitting, deal with zoning and licensing issues, build their dispensaries, cultivation centers, manufacturing facilities, and then they were taught how to operate a profitable business.
While gaining all this important operational data, we steered clear of California in the past since regulations in our home state were not fully developed. That is until the regulations in California were adopted in 2018. Fast forward, this year Pineapple Ventures, Inc. (“PVI”) saw an opportunity to rehab and resurrect a once noteworthy public company in Pineapple Express through the two companies merging. As detailed in prior announcements, PVI is in the process of exchanging 80% of its shares to Pineapple Express in return for Pineapple Express common stock. Management believes that this merger brings a plethora of assets, infrastructure, and other valuable resources to Pineapple Express and its shareholders. For more detail, that announcement can be found by clicking here. Myself as the CEO and my extremely invaluable COO, Josh Eisenberg (a Wharton alum), have righted the ship in a way to steer Pineapple Express back to prosperity, and better than before, while making a serious impact in this very lucrative and emerging legal cannabis sector. The announcement of our appointments that were in concert with the initial merger announcement can be found here.
Long before the first part of the PVI merger closed (which occurred in mid-March of this year), PVI has been spending millions of our own capital to develop the process of "fishing” ourselves, instead of "teaching people how to fish." We have obtained multiple cannabis business licenses (and it’s important to note, there are limited availability of such licenses, which we believe significantly raises their value) across 4 different locations in Southern California. In merging with PVI, Pineapple Express has finally developed solid, stable, and revenue generating businesses (cultivation centers, dispensaries, manufacturing, as well as the statewide delivery service). A total vertical business model! This is in addition to our existing business of cannabis property entitlements and subleases to cannabis businesses at a profit.
Here is a real-time update of what we are up to this very moment:
On Tuesday April 23, 2019, PVI soft-launched our legal cannabis delivery portal (California – 21+) at pineappleexpress.com out of our new Palm Springs facility. The website is live and we’re in business along with our convenient and easy to use IOS/Android apps that are anticipated to be ready and available to download by the end of this month.
In June, PVI intends to infuse more capital into the Company to fuel our aggressive expansion that will allow us to obtain, in management’s expectation, 100 vehicles by the end of the year. The increased infrastructure is necessary to service all of California (beyond Southern California, as is currently the case). Our decision to rapidly expand is supported not only by market dynamics but also by our overarching goal of being the biggest legal cannabis company in California.
We are also currently engaging in dialogue with viable non-compliant delivery services that were not successful in attaining licensing as we were. Being opportunistic, we are looking to actively acquire such assets. We are gaining traction in this strategy which will allow us to expand even faster.
In addition, PVI has launched Pineapple Express Wellness (pineappleexpresswellness.com) in which we deliver NATIONWIDE quality tested full spectrum 100% Hemp Derived CBD Health and Wellness products (CBD only, no THC).
In addition, I’d also like to introduce and announce our Pineapple Express K.W.Y.C. Campaigns (Know What You Consume). We are providing industry-leading consumer education for both cannabis and hemp CBD products. Through our Pineapple Express and Pineapple Express Wellness brands, PVI is leading consumer education and awareness for both Hemp CBD and Cannabis products. These campaigns drive consumer awareness, convert new consumers, and drive loyalty to the Pineapple Express brands and related products.
Our cannabis (THC) guide is promoted under the Pineapple Express brand. Our cannabis guide helps consumers confidently and safely learn about cannabis. Our guide also explains our simple, color-coded K.W.Y.C Rating System to ensure that consumers find the perfect product-potency mix to for their specific needs.
Our hemp CBD guide is promoted under our Pineapple Express Wellness brand. Our hemp CBD guide helps consumers learn about hemp CBD, its benefits, and its different forms. Our hemp CBD products complement our cannabis offerings, providing non-THC products that are safe and effective to meet their specific needs.
I’m also very excited to announce our Los Angeles County cannabis delivery service, which we anticipate will launch this month, that will allow us to reach even more of the masses in SoCal. This is where we not only want, but also need to be more aggressive in our expansion of our delivery vehicles, as mentioned previously, to be able to service the large demand effectively and efficiently. To gain advanced traction, we have commissioned many billboards that are scheduled to go up starting next month. This is in addition to the already large number of billboards we have up now all over Los Angeles advertising our Pineapple Express Wellness website.
In addition, and of particular importance, Pineapple Express has been working diligently with our accounting, compliance, and audit firm, as well as our legal team, to prepare the necessary reports to be filed with the Securities and Exchange Commission. I’m proud to say that not only are we on track to achieve this by early summer, but management aims to improve the Company’s listing status. Once achieved, these events will allow us to continue to build a supportive market for our stock and continue to execute upon the Company’s objectives. Management also intends to issue a dividend to the Company’s shareholders, which was previously approved by the Company’s board of directors. Of course, these developments are all contingent upon certain criteria we are working diligently on to complete.
This update, I hope, illustrates the hard work, effort, and commitment everyone at every level of the Company has put in over the past several months. I made a promise to all that have a stake in this organization that I would provide transparency and communication; not to mention, I love to show off the hard work and dedication everyone has put in to fully resurrect this great company. We still have a way to go, but I trust that, like me, you will share in a feeling of pride to see Pineapple Express steadfast towards achieving the level of success it is most certainly capable of achieving. We are keeping our foot on the gas and are more than happy as well as excited and proud to bring all of you along for the ride!
About Pineapple Express, Inc.
Pineapple Express, Inc. is based in Los Angeles, California. Through our operating subsidiary Pineapple Express Consulting, Inc., we provide capital to our canna-business clientele, lease real properties to those canna-businesses, and provide consulting and technology to develop, enhance, or expand existing and newly formed infrastructures. We intend to create a nationally branded chain of cannabis retail stores under the "Pineapple Express" name, which we intend to be supported by Company-owned cultivation and processing facilities and will feature products from Company-owned manufacturers. We currently engage in product licensing, leasing to and investing in existing and new canna-businesses, selling industry specific technology, and providing ancillary support services. We believe that our competitive advantages include our wealth of experience, business model, exclusive proprietary technology and intellectual property, and key industry contacts in an industry that is foreign to most. It is our expectation that these factors will set us apart from most of our competitors.
All statements other than statements of historical facts contained in this press release are “forward-looking statements,” which may often, but not always, be identified by the use of such words as “expects”, “anticipates”, “intends”, “estimates”, “plans”, “potential”, “possible”, “probable”, “believes”, “seeks”, “may”, “will”, “should”, “could” or the negative of such terms or other similar expressions. These statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements. These factors include uncertainties as to the application and enforcement of U.S. and state federal laws in the cannabis industry (including to the Company’s business activities and the business activities of some of its customers and counterparties), ability to attract new canna-business clientele, successfully implementing the Company’s growth strategy (including relating to the Company’s intention to create a nationally branded and vertically integrated chain of cannabis retail stores under the “Pineapple Express” name and anticipated development of Company-owned cultivation and processing facilities), dependence on key Company personnel, timing of the filing the Company’s Form 211 with FINRA and clearing related comments, obtaining approval for the Company’s common stock to be quoted on one of the three OTC Markets, changes in economic conditions, competition and other risks including, but not limited to, those described from in the Company’s Registration Statement on Form 10, filed with the Securities and Exchange Commission on January 23, 2018 (the “SEC”), and other filings and submissions with the SEC. These forward-looking statements speak only as of the date hereof and the Company disclaims any obligations to update these statements except as may be required by law.
Matthew Feinstein, Director
Pineapple Express, Inc.